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Top Story Compliance Related

01/29/2024

FDIC enforcement actions released

The FDIC has released a list of orders of 13 administrative enforcement actions taken against banks and individuals in December 2023, including 12 orders and one Decision and Order. There were four orders of termination of deposit insurance; three orders terminating consent orders; two consent orders; one order terminating supervisory prompt corrective action directive; one order of prohibition from further participation; one order to pay a civil money penalty (CMP); and one Decision and Order to Prohibit from Further Participation and Assessment of Civil Money Penalty.

  • Bank of Morton, Morton, Mississippi, received an order to pay a civil money penalty of $600,000 for Bank Secrecy Act violations and failure to comply with a June 30, 2020, consent order.
  • A decision and order for assessment of a $175,000 civil money penalty and for removal and prohibition was issued to Diana Yeats, formerly the chief financial officer of The Bank of Oswego, Lake Oswego, Oregon.
  • A removal/prohibition order was issued to Rickey S. Carter, formerly a director of Bank of Alapaha, Alapaha, Georgia, following a determination that she obtained extensions of credit totaling about $1.6 million for the benefit of his personal business interests by submitting fraudulent financial information to the bank and to Ameris Bank, Atlanta, Georgia.
  • Consent orders were issued to Choice Financial Group, Fargo, North Dakota, and to First & Peoples Bank and Trust Company, Russell, Kentucky

    Update: The orders issued to Choice Financial Group and to First & Peoples Bank and Trust Company have been correctly labeled as consent orders.

  • 01/26/2024

    HUD and Tennessee housing providers reach agreement

    The U.S. Department of Housing and Urban Development has announced that it has entered into a Voluntary Compliance Agreement (VCA) with HUD-funded Tennessee housing providers Alco Greenbriar Partners LP, Alco Properties, Inc., and Alco Management, Inc., requiring the respondents to pay $50,000 in compensation to aggrieved parties. The VCA resolves findings of noncompliance related to Section 504 of the Rehabilitation Act of 1973 and Title II of the Americans with Disabilities Act, as identified in a Letter of Findings of Noncompliance, as well as findings of noncompliance related to the Violence Against Women Act.

    01/26/2024

    U.S. and UK target Houthi military officials

    The Treasury Department reported yesterday that OFAC has imposed sanctions on key officials of the forces of Ansarallah, commonly known as the Houthis, for their support of acts of terrorism targeting commercial shipping. Yesterday’s action targets four individuals who have supported the Houthis’ recent attacks against commercial vessels in the Red Sea and Gulf of Aden, including holding civilian crews hostage. Concurrent with OFAC’s designations, the United Kingdom also imposed sanctions on these key figures of Houthi forces.

    For the names and identification information of the four individuals, see yesterday's BankersOnline OFAC Update.

    01/25/2024

    FinCEN adjusts CMP caps

    This morning, FinCEN published [89 FR 4820] a final rule to reflect inflation adjustments to its civil monetary penalties as mandated by the Federal Civil Penalties Inflation Adjustment Act of 1990, as amended. This rule adjusts certain maximum civil monetary penalties within the jurisdiction of FinCEN to the amounts required by that Act.

    The rule amends 31 CFR 1010.821 and is effective today.

    01/24/2024

    HUD charges property manager and owner with retaliation

    The U.S. Department of Housing and Urban Development (HUD) announced yesterday it is charging an individual property manager and ownership entity in Livingston, Montana, for retaliation against a tenant for their exercise of fair housing rights, retaliatory behavior including coercion, intimidation, threats, or interference in violation of Section 818 of the Fair Housing Act.

    HUD’s Charge of Discrimination alleges that the property manager and owner of a Livingston, Montana, ten-unit apartment complex retaliated against a tenant after the tenant informed the property manager that his unwanted conduct toward her daughter was inappropriate given the property manager’s position as landlord. After the tenant confronted the property manager, the property manager took several retaliatory actions, including sending multiple threats of eviction, revoking tenancy privileges, and sending harassing text messages, culminating in seeking to evict the complainant. The tenant felt compelled to leave the unit and seek out alternative, less desirable housing because of the retaliation.

    01/24/2024

    U.S., Australia, and UK sanction Russian cyber hacker

    On Tuesday, OFAC, in coordination with Australia and the United Kingdom, designated Alexander Ermakov, a cyber actor who played a pivotal in the 2022 ransomware attack against Medibank Private Limited, an Australian healthcare insurer.

    Australia sanctioned Ermakov on Monday for utilizing ransomware to attack the Medibank network and for the exfiltration of sensitive data of 9.7 million users of Medibank services. Tuesday, the United States and the United Kingdom, in solidarity with Australia, took action against Ermakov because of the similar risk he presents to the United States and the UK.

    For identification information on Ermakov, see BankersOnline's January 23, 2024, OFAC Update.

    01/23/2024

    Fed extends comment period on debit card interchange fee proposal

    The Federal Reserve Board has announced it will extend until May 12, 2024, the comment period on its debit card interchange fee proposal to allow the public more time to analyze the proposal and prepare their comments. Comments on the proposal were originally due by February 12, 2024. In addition, to assist the public in commenting on the proposed new methodology for determining the base component of the interchange fee cap, additional data concerning this aspect of the proposal are being made available on the Board’s website.

    01/23/2024

    Terrorist groups, networks, and airline sanctioned

    The Department of the Treasury on Monday announced that OFAC had designated Iraqi airline Fly Baghdad and its CEO for providing assistance to the Islamic Revolutionary Guard Corps–Qods Force (IRGC-QF) and its proxy groups in Iraq, Syria, and Lebanon. OFAC also designated three leaders and supporters of one of the IRGC-QF’s main Iran-aligned militias in Iraq, Kata’ib Hizballah (KH), as well as a business that moves and launders funds for KH.

    Treasury also announced that OFAC has imposed a fifth round of sanctions on Hamas since the October 7 terrorist attack on Israel. Monday’s action targets networks of Hamas-affiliated financial exchanges in Gaza, their owners, and associates, and particularly financial facilitators that have played key roles in funds transfers, including cryptocurrency transfers, from the Islamic Revolutionary Guard Corps-Qods Force (IRGC-QF) to Hamas and Palestinian Islamic Jihad (PIJ) in Gaza. Concurrent with OFAC’s designations, the United Kingdom and Australia are also placing sanctions on key Hamas officials and facilitators.

    For the names and identification information of individuals, entities, and aircraft targeted in these OFAC actions, see the January 22, 2024, BankersOnline OFAC Update.

    01/22/2024

    OFAC posts 'OFAC Basics' video

    OFAC has released the first video in its "OFAC Basics" video series. The OFAC Basics: Sanctions List Search YouTube video provides viewers with a brief tutorial on how to use OFAC’s Sanctions List Search Tool and recommended steps for assessing a potential match to one of OFAC’s published sanctions lists.

    The “OFAC Basics” series serves as a companion series to the “Introduction to OFAC” series, also available on YouTube.

    01/22/2024

    FDIC targets five entities for false statements about deposit insurance

    The FDIC on Friday announced it has issued letters demanding five entities and certain associated parties cease and desist from making false and misleading statements about FDIC deposit insurance. The FDIC is demanding that Atmos Financial, PBC (Atmos); BybitcoinEx, Inc. (BybitcoinEx); ORGANO Payments, Inc. and its subsidiary OGPay (OGPay); Horizon Globex GmbH (Horizon), which operates Upstream Exchange; and Zil Money Corporation (Zil) take immediate corrective action to address these false or misleading statements.

    Based upon evidence collected by the FDIC, the companies and certain associated parties made false representations by: (1) stating or suggesting that these entities are FDIC-insured or that certain uninsured financial products are insured by the FDIC; (2) misusing the FDIC name or logo; (3) misrepresenting the nature or extent of deposit insurance; and/or (4) failing to clearly identify the insured depository institutions with which they have a relationship for the placement of customer deposits and into which funds may be deposited. The FDIC said these material misrepresentations and omissions are false and misleading, and have the potential to harm consumers.

    On December 20, 2023, the FDIC Board of Directors adopted a final rule to amend part 328 of its regulations, which updates the FDIC’s regulations regarding false advertising, misrepresentations of deposit insurance coverage, and misuse of the FDIC’s name and logo. For example, the final rule clarifies that FDIC–associated terms or images may not be used in marketing and advertising materials to inaccurately imply or represent that any uninsured financial product or non–bank entity is insured or guaranteed by the FDIC.

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